Entrepreneur Grant Program Description:
The Entrepreneur Grant Program aims to support early-stage entrepreneurs in planning, locating, and launching new businesses within downtown Davenport.
A key priority within the downtown Master Plan is to strengthen and expand the minority entrepreneurial community. This program serves as a means to eliminate growth barriers and foster opportunities for greater economic inclusion in the downtown area.
What we are trying to accomplish:
- Foster a vibrant and diverse entrepreneurial ecosystem in downtown Davenport.
- Encourage new businesses to set up their operations within the downtown SSMID, contributing to the area's economic growth and vitality.
- Empower and support minority-owned businesses to thrive, driving greater inclusivity and representation within the entrepreneurial community.
- Remove financial barriers and provide resources to help entrepreneurs successfully establish and grow their businesses.
- Enhance the overall economic landscape of downtown Davenport by facilitating the launch of innovative and impactful ventures.
What kinds of expenses are eligible:
Funding can be used for relocation expenses, operating or capital startup costs, these could include but are not limited to:
- Rent and lease costs for securing a downtown business location.
- Renovation and setup expenses for creating an attractive and functional business space.
- Purchase of essential equipment and tools to support business operations.
- Marketing and promotional activities to enhance visibility and attract customers.
- Professional services fees, such as legal, accounting, or business consulting assistance.
- Costs associated with obtaining necessary permits and licenses.
- Website development and digital marketing initiatives.
- Training and development programs to enhance staff skills and knowledge.
Grant Amount:
- DDP grant funding per business will be no less than $2,000, but no more than $5,000. Total grant funding available for FY23 is $20,000
- DDP has earmarked $10,000 of grant funding to encourage entrepreneurs representing minority-owned businesses to consider downtown locations and apply for funding assistance
- All grant recipients must locate their business within downtown Davenport SSMID; DDP staff will provide guidance on available locations
Additional Information:
Submittal of an application does not guarantee funding assistance. Funding is awarded through a competitive process and on a rolling basis until dollars are depleted
Review Process:
Applications are managed by the DDP Business Retention & Recruitment Committee that meets quarterly to review submissions. Projects and committee decisions will be shared with the DDP Board of Directors. The total grant funding available is determined by the approved annual DDP budget (fiscal year is July 1 - June 30).
DDP reserves the right to accept or reject any and all proposals.
FY24 Deadlines
- September 15, 2023
- November 15, 2023
- January 15, 2024
- March 15, 2024
- May 15, 2024
Grant requests are typically reviewed, and decisions shared with applicants within thirty days of the aforementioned dates.
Application Steps:
- Submit your initial project idea
- Send DDP staff some basic info about your project -- including the type of business and what kind of space you're looking for.
- Prepare a full developed business plan, budget and letter of support.
- Submit your final application to DDP using the form below
- DDP staff will review the budget and present the application to the DDP Business R&R Committee
- Some applicants may be selected to provide a pitch presentation
- DDP staff will contact applicants with award decision
- Successful applicants will have grant funding released to the applicant upon execution of lease agreement at a location within SSMID boundaries.
If businesses remain unopened after one year, a written request must be submitted to DDP staff in writing and the continuation of holding funds will be at the discretion of DDP.